Sensex Today | Share Market Live Updates: Benchmark indices slipped into the red at noon, dragged down by IT stocks. However, the broader market was seen holding onto its gains.
At 12 pm, Sensex was down 211.95 points or 0.29% at 71,974.14 and Nifty was down 44.70 points or 0.27% at 21,871.05.
The IT index was down 1%, while Auto, Bank, Pharma, Healthcare and Oil&Gas indices were also in the red at noon.
Asian stocks climbed on bets China will be more forceful to prop up markets and as traders shrugged off a slew of cautious remarks from Federal Reserve officials.
A gauge of Asian equities rose to its highest in more than a month. Shares in Hong Kong opened higher while those in mainland China fluctuated as traders weigh whether a string of market stabilizing efforts by Beijing will bear fruit.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.7% to a five-week top, helped by a 1.8% jump in South Korea. Japan’s Nikkei dipped 0.1%, but was off early lows.
EUROSTOXX 50 futures added 0.2% and FTSE futures 0.3%.
S&P 500 futures firmed 0.1% and Nasdaq futures rose 0.2%. Companies reporting earnings on Wednesday include Uber, Walt Disney and PayPal.
The yield on 10-year Treasuries slipped 2bps in early Asian trading. Bonds rebounded in the US session as the three-year auction drew solid demand, bolstering sentiment before a record $42 billion sale of 10-year Treasuries on Wednesday.
In other markets, oil rose for a third day as geopolitical risk in the Middle East was partially offset by a report showing stockpiles expanding in the US.
Brent crude approached $79 a barrel after climbing 1.6% over the previous two sessions, while West Texas Intermediate was near $74. The Houthis said they targeted two ships in the southern Red Sea, the latest in a string of attacks that has forced a major re-routing of global trade. The US has vowed more strikes against Iranian forces and their proxies in the region.
Sensex Today Live : Gainers and Losers on Nifty
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Sensex Today Live : Gainers and Losers on Sensex
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Sensex Today Live: 12 pm market update
Benchmark indices slipped into the red at noon, dragged down by IT stocks. However, the broader market was seen holding onto its gains.
At 12 pm, Sensex was down 211.95 points or 0.29% at 71,974.14 and Nifty was down 44.70 points or 0.27% at 21,871.05.
The IT index was down 1%, while Auto, Bank, Pharma, Healthcare and Oil&Gas indices were also in the red at noon.
Sensex Today Live: Multibagger stock rallied 1,250%, hits inflection point as it enters key market
Spectrum Electricals, a manufacturer of electrical, automotive, and irrigation components, garnered significant attention in 2023 for its remarkable market performance.
The company’s share price surged a massive 1,252% over the year, significantly outperforming peers and the benchmark Nifty’s 14.4% increase. In January 2023, the stock was priced at ₹84, and had risen an astounding 1,252% by year-end. This means that an initial investment of ₹10,000 would have ballooned to ₹1.2 lakh. (Read the full story here.)
Sensex Today Live: Gensol Engineering raises ₹900 crore equity from Elara and others
Renewable energy and electric mobility company Gensol Engineering Limited said it has raised a ₹900 crore in equity capital through warrants convertible into equity shares on a preferential basis.
In a statement on Wednesday, Gensol said the fundraise saw participation from Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund, among others. (Read the full story here.)
Sensex Today Live: Britannia shares up despite weak Q3 quarter results
The biscuit manufacturer posted a 40 percent year-on-year decline in its consolidated net profit at ₹556 crore for the quarter ending December 31, 2023, in contrast to the ₹937 crore it had reported in the corresponding quarter of the previous year, missing market estimates. In sequential terms as well, Britannia’s profit experienced a 5 percent decline, amounting to ₹587 crore. However, revenue from operations increased slightly to ₹4,256 crore from ₹4,196 crore in the corresponding quarter las year. Analysts’ projections had anticipated a year-on-year revenue growth of 3 percent, reaching ₹4,303 crore for the quarter. The company disclosed an EBITDA of ₹821 crore for the quarter, with margins registering at 19.29%.
Sensex Today Live: EIH shares surge post Q3 results
The flagship company of The Oberoi Group reported revenue from operations of ₹770 crore for the third quarter ended December 31, a year-on-year jump of 28%. It reported a profit after tax of ₹230 crore, up 55% over the corresponding period of the previous fiscal. EIH reported EBITDA of ₹353 crore, up 56.3% year-on-year.
Sensex Today Live: 11 am market update
Benchmark indices were in the green after momentarily slipping into the red.
At 11 am, Sensex was up 92.21 points or 0.13% at 72,278.30 and Nifty was up 44.55 points or 0.2% at 21,973.95.
SBI and Axis Bank were leading the charts on Sensex, while IndusInd Bank, Power Grid Corp. and Infosys were down.
Sensex Today Live: Elara Securities India says ‘ACCUMULATE’ Century Plyboards
Rating: ACCUMULATE
Target Price : INR 850
Upside : 16%
CMP : INR 734 (as on 06 February 2024)
Bumpy road near-term
Subdued demand environment in Q3 hit growth
Century Plyboards’ (CPBI IN) Q3 net sales rose 6.1% YoY to ~INR 9.37bn, led by strong growth in medium density fiberboard (MDF), up 12.5% YoY, while other segments of plywood (up 5.9% YoY) and laminates (up 2.6% YoY) saw muted growth. Subdued demand for wood panel segment hit plywood and laminates growth. Volumes in MDF (up 15% YoY) and Particle Board (up 18% YoY) were robust but realization was hit by higher import competition. The management anticipates continued slow pace in the wood panel market until the commencement of deliveries for the current surge in new launches in ongoing real estate projects, starting 2025.
MDF/Particle Board – BIS norms to prop up volumes and margin
CPBI anticipates softer Q4 as plywood and laminates are projected to post single-digit growth, while MDF may exhibit >20% volume growth. However, MDF’s realization may decline by 7-8% in H2FY24E due to the presence of cheaper imported products. The implementation of BIS standards for MDF and Particle Board from 11 February 2024, is anticipated to diminish import competition. This is likely to enhance CPBI’s volumes, though the positive impact on realizations and margins may be realized with a delay of six to nine months.
Profitability to be under pressure in Q4
Q3 EBITDA margin contracted 320bps YoY to 11.3%, led by contraction in margin across segments. While timber prices may remain firm, higher investment behind the new launch of Sainik laminates and lower realization due to increased competition for MDF and Particle Board will continue to keep margin under pressure for Q4.
Valuation: revise to Accumulate; new TP at INR 850
We cut FY25E/26E earnings estimates 8%/2% to factor in lower revenue and profitability. We revise CPBI to Accumulate from Buy as the stock has run up 19% in the past three months, with higher TP of INR 850 (from INR 800), on 35x FY26E P/E as we roll-forward to FY26E.
Sensex Today Live: India bond yields dip on bullish momentum in run-up to RBI policy decision
Indian government bond yields drifted lower in early trades on Wednesday, as sentiment remained positive a day ahead of the Reserve Bank of India’s last monetary policy decision for the current financial year.
India’s benchmark 10-year yield was at 7.0672% as of 10:00 a.m. IST, following its previous close of 7.0904%.
“The market is taken over by bulls after the budget and there are expectations building up that the central bank would provide a dovish guidance, setting the stage for easing in the next financial year,” a trader with a state-run bank said.
The RBI is expected to hold the key interest rate steady on Thursday, according to a Reuters poll, although policymakers’ commentary remains key amid easing inflationary pressures and a fiscally prudent federal budget announcement last week.
The central bank may strike a dovish tone, post a healthy budget and largely comfortable global narrative, but it will fall short of any stance change and there may be no material change in the assessment of macro variables, Emkay Global said.
Traders will also keenly await guidance on the banking system liquidity, especially after the central bank’s aggressive withdrawal of cash from the system so far this month.
The RBI conducted two separate overnight variable rate reverse repo auctions on Tuesday and will conduct a similar operation later in the day.
Sensex Today Live: Nifty Midcap and Smallcap indices hit fresh record highs, up over 7% in CY24 so far
The persistent upward trajectory of mid-and small-cap stocks continues to capture investors’ attention, even as these stocks achieve unprecedented levels. Building upon their robust performance in CY23, where they significantly outperformed large-cap stocks, mid-and small-cap stocks are maintaining their momentum into CY24.
In today’s trading session, the Nifty Midcap 100 index reached a new all-time high of 49,359 points, while the Nifty Small Cap 100 also marked a historic peak of 16,653 points. In the current year so far, the Midcap index has gained nearly 7%, while the small cap index has surged nearly 10%. (Read the full story here.)
Sensex Today Live: Gabriel Pet Straps share price makes lukewarm debut, stock opens with 13.86% premium at ₹115 apiece on BSE SME
Gabriel Pet Straps IPO listing price today: Gabriel Pet Straps share price made a tepid debut on BSE SME today. On BSE SME, Gabriel Pet Straps share price was listed at ₹115, which is 13.86% higher than the issue price of ₹101.
Gabriel Pet Straps IPO opened for subscription on Wednesday, January 31, and closed on Friday, February 2. Gabriel Pet Straps Limited IPO price band was set at ₹101 apiece. Gabriel Pet Straps IPO lot size consisted of 1,200 shares. Investors could bid for a minimum of 1,200 shares and in multiples thereof. (Read the full story here.)
Sensex Today Live: Domestic participation is boosting Indian markets despite FII outflows, says Sachin Jasuja of Centricity
The current economic reforms have also been supporting the growth of businesses. All things considered, GDP is predicted to be resilient and steady even though shocks to the food and oil supplies can keep inflation high, says Sachin Jasuja, Head – Equities, Centricity.
In an interview with MintGenie, Jasuja said that the best way is to build a portfolio including both, with the right mix, according to the market conditions, valuations, and economic conditions after considering the risk appetites in a staggered manner. (Read the full story here.)
Sensex Today Live: 10 am market update
Benchmark indices were in the green after momentarily slipping into the red.
At 10 am, Sensex was up 220.71 points or 0.31% at 72,406.80 and Nifty was up 74.50 points or 0.34% at 22,003.90.
Sensex Today Live: E.I.D. Parry consolidated PAT falls in Q3
E.I.D. Parry India Ltd has recorded a consolidated profit after tax for the October-December 2023 quarter at ₹216.52 crore.
The Chennai-headquartered sugar manufacturer had registered a consolidated PAT at ₹481.60 crore, in the corresponding quarter of last year.
The consolidated profit after tax for the nine-month period ending December 31, 2023 stood at ₹1,323.27 crore, as against the ₹1,540.84 crore a year ago.
The total income during the quarter under review on a consolidated basis slipped to ₹7,811.32 crore, from ₹9,855.36 crore registered in the same period of last year.
For the nine-month period ending December 31, 2023, the consolidated total income was recorded at ₹24,036.90 crore, as compared to ₹28,417.74 crore registered during the same period of the last fiscal.
Sensex Today Live: Nykaa shares jump after Q3 results; Should you buy the stock?
Nykaa share price jumped nearly 6% in early trade on Wednesday after the company reported strong Q3 results with net profit nearly doubling. Nykaa shares rallied as much as 5.95% to ₹170.05 apiece on the BSE.
FSN E-Commerce Ventures, the parent company of beauty and fashion retailer Nykaa, on Tuesday reported a net profit of ₹16.2 crore in the quarter ended December 2023, a rise of 98% from ₹8.2 crore in the year-ago period, driven by strong demand during the festival and wedding seasons. (Read the full story here.)
Sensex Today Live: FMCG firms had two good years. This one may be different
After two years of robust growth led by higher prices, India’s packaged consumer goods industry may finally catch its breath in 2024, at a time clouds are gathering over the consumption sector.
Makers of soaps to shampoos and biscuits to beverages may grow at 4.5-6.5% in value terms this year, market researcher NielsenIQ (NIQ) said, sharply lower than 8.4% in 2022 and 9.3% in 2023. Nielsen, which follows a calendar year, did not share its outlook on volumes growth.
In the December quarter, the FMCG industry reported a 6% year-on-year (y-o-y) growth in value terms, driven by a 6.4% rise in volume. However, both volume and value growth fell sequentially during the quarter. The trend was seen in both urban and rural markets, where volumes grew y-o-y but dipped sequentially. (Read the full story here.)
Sensex Today Live: Large part of ₹11 trillion capex for FY25 to flow into energy sector, says PM Modi
The Centre will allocate a substantial part of the budgeted capital expenditure for fiscal year 2024-25 (FY25) to the energy sector, as the country strives to meet rapidly growing demand and achieve climate goals, Prime Minister Narendra Modi said on Tuesday.
The interim budget, presented on 1 February, pegged a capex of ₹11 trillion for next year, marking an increase from FY24’s budgeted ₹10 trillion. (Read the full story here.)
Sensex Today Live: ANMI approves proposal to extend trading hours for index futures
The Association of National Exchange Members of India (ANMI) has given its in-principle approval to the proposal of extending trading hours for index futures, a report said.
The Brokers Industry Standards Forum (ISF) will send a formal letter to capital markets regulator Securities & Exchange Board of India (SEBI) in this regard, CNBC-TV18 reported quoting sources.
The Brokers Industry Standards Forum includes ANMI, Commodity Participants Association of India (CPAI) and BSE Brokers Forum (BBF). (Read the full story here.)
Sensex Today Live : Sector Heat Map
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Sensex Today Live : Sector Heat Map
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Sensex Today Live : Gainers and Losers on Nifty
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Sensex Today Live : Gainers and Losers on Sensex
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Sensex Today Live: Sensex, Nifty open in the green
Indian benchmarks opened in the green on Wednesday.
Sensex was up 317.43 points, or 0.44%, at 72,503.52 and Nifty was up 113.30 points, or 0.52%, at 22,042.70 at market open.
Sensex Today Live: Sensex, Nifty up in pre-open
Indian benchmark indices opened in the green on Wednesday.
Sensex was up 290.63 points, or 0.40%, at 72,476.72 and Nifty was up 83.85 points, or 0.38%, at 22,013.25 during pre-open.
Tata Steel, NTPC, Power Grid Corporation of India, ITC and IndusInd Bank were the top gainers on Sensex.
Sensex Today Live : The small investor learns the art of booking profits
Retail investors who invest directly in stocks, as opposed to investing through mutual funds, appear to have come of age if their transactions on the secondary market are anything to go by. Market experts say retail investors have in recent times tended to sell at highs and buy at lower levels, a reversal of their past behaviour.
So far this fiscal (April-December 2023), direct retail investors have net sold shares worth ₹1.68 trillion, coinciding with a roaring rally in mid-, small- and large-cap stocks. Their selling comes after being net buyers of a combined ₹1.09 trillion in April-December 2021. In the same period (FY24), the Nifty Midcap 150 Index rallied 50% to 17,077.05, the Nifty Smallcap 250 by 60% to 14,041.30 and the Nifty returned 25% to touch 21,731.4 on 31 December 2023. (Read the full story here.)
Sensex Today Live : Indian shares set to open higher, tracking Asian peers
Indian shares are set to open higher on Wednesday, looking to build on their gains in the previous session and tracking the rise in their Asian peers on China’s efforts to protect its markets.
India’s GIFT Nifty was trading at 22,122 points as of 8:15 a.m. IST, suggesting the NSE Nifty 50 will open above its close of 21,929.40 on Tuesday.
Asian markets gained after China announced measures to curb short-selling and expand stock-buying by state-owned funds to protect its markets. Wall Street equities closed higher overnight.
India’s NSE Nifty 50 and BSE Sensex advanced on Tuesday, helped by information technology on hopes of a soft landing of the U.S. economy and supported by a sustained rally in oil and gas stocks.
Sensex Today Live : Canara Bank board to consider stock split on February 26
The Canara Bank board will consider the stock split of the company on February 26, the bank informed the exchanges on February 7.
Sensex Today Live : Ashok Leyland margin a show stopper in Q3
For Ashok Leyland, the financial year 2024 is mainly about the stellar margin performance. For the second consecutive quarter, the commercial vehicle manufacturer has clocked a sequential improvement in Ebitda margin.
For perspective, in the December quarter (Q3FY24), Ashok Leyland’s Ebitda margin, a key measure of profitability, improved to 12%, up from 11.2% in Q2, and 10% in Q1. With this, the company is poised to clock the guided double-digit margin for the full year. This also suggests it is moving in line with its medium-term target of reaching mid-teen margin. (Read the full story here.)
Sensex Today Live : Indian hotels added record number of rooms in 2023. Now they need to fill those
Clawing back from the pandemic years hasn’t been easy for the domestic hospitality industry. But last year, as tourism and business travel picked up, India’s hotels had a bit of a revival.
India’s organised hotels industry added 14,000 rooms in 2023, its largest addition ever, hospitality consultancy Horwath HTL Consultants said in a new report accessed exclusively by Mint. This year, it’s expected to add even more–23,000 rooms. (Read the full story here.)
Sensex Today Live : Lacklustre capex by PSUs is blunting government’s growth stimulus
The Narendra Modi government’s strategy for supporting growth has been to increase capital expenditure through its budget in the hope that the infrastructure created would nudge the non-government sector to invest, creating new incomes.
Presenting the interim budget for FY25 on 1 February, finance minister Nirmala Sitharaman, while keeping all taxes untouched, increased the budget outlay for capex for the fourth straight year. (Read the full story here.)
Sensex Today Live : On track for now, will weak passenger biz derail Titagarh’s growth?
Titagarh Rail Systems Ltd stands out as a key beneficiary of the government’s focus on boosting rail infrastructure. In the interim budget, capital expenditure for railways was set at ₹2.5 trillion (lakh crore). The government plans to implement three major economic railway corridor programmes, and aims to upgrade 40,000 standard rail bogies to Vande Bharat standards. Titagarh is expected to benefit from this, given its 25-30% market share in wagon manufacturing.
In December the company clocked a record-high monthly production of 1,021 wagons. The Kolkata-based firm reported robust numbers for the December quarter (Q3FY24). The total order book stood at ₹27,466 crore, which offers medium-to-long-term revenue visibility. Total unexecuted orders stood at 19,259 wagons. “With Indian Railways likely to award tenders for about 23,000 wagons over the next quarter, we believe Titagarh’s order book should improve going ahead,” said analysts at Nuvama Institutional Equities. (Read the full story here.)
Sensex Today Live : What to expect from Indian stock market in trade on February 7
The Indian stock market indices, Sensex and Nifty 50, are expected to see a positive opening on Wednesday supported by gains in global peers.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,120 level as compared to the Nifty futures’ previous close of 22,000. (Read the full story here.)
Sensex Today Live : Britannia Industries net profit declined 40% YoY in Q3
The biscuit maker posted a 40 percent year-on-year decline in its consolidated net profit at ₹556 crore for the quarter ending December 31, 2023, in contrast to the ₹937 crore it had reported in the corresponding quarter of the previous year, missing market estimates. In sequential terms as well, Britannia’s profit experienced a 5 percent decline, amounting to ₹587 crore. However, revenue from operations increased slightly to ₹4,256 crore from ₹4,196 crore in the corresponding quarter las year. Analysts’ projections had anticipated a year-on-year revenue growth of 3 percent, reaching ₹4,303 crore for the quarter. The company disclosed an EBITDA of ₹821 crore for the quarter, with margins registering at 19.29%.
Sensex Today Live : Indian rupee to appreciate slightly today
The Indian rupee will remain in a tight range and appreciate only slightly against the U.S. dollar over the coming year as the Reserve Bank of India continues to intervene in currency markets despite a strong economy, according to a Reuters poll.
The rupee has gained only 0.2% against the greenback since the beginning of the year as receding calls for an early rate cut by the U.S. Federal Reserve propped up the dollar.
The Indian currency was expected to strengthen slightly from Tuesday’s rate of 83.05 to the dollar to 83.00 in a month and 82.84 in three months, the Feb. 2-6 Reuters poll of 42 foreign exchange analysts found.
Sensex Today Live : Asian markets up; Gift Nifty green
Asian stocks firmed on Wednesday as investors waited to see if Beijing’s increasingly frantic efforts to prop up its sagging share markets would actually work, while bonds enjoyed a reprieve from recent selling.
In recent days, China’s regulators have announced further curbs on short selling and state investors said they were expanding their stock-buying plans.
However, the jury is very much out on how effective all this will prove and the blue-chip index inched up 0.2% in choppy early trade, while Shanghai stocks added 0.1%.
Elsewhere, the timing of U.S. rate cuts was no clearer after Federal Reserve Presidents Loretta Mester and Neel Kashkari welcomed the progress on inflation but signalled there was more work to do before policy could be eased.
Fed Philadelphia President Patrick Harper was more upbeat on achieving an economic soft landing and noted they were making “real progress” on inflation.
Further guidance will come later Wednesday as Fed speakers include Governors Adriana Kugler and Michelle Bowman, along with Presidents Thomas Barkin and Susan Collins.
The probability of a cut as early as May now stands at just 39%, when it was considered a done deal just a week ago, while the chance of a quarter-point move in June remains at 100%.
Futures imply around 122 basis points of easing for all of 2024, down from 145 basis points late last week.
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